Last month, we reported that of the 5.6 million big bank customers who switched their banks in the past 90 days, 214,000 moved to credit unions.
And a December customer satisfaction report showed credit union rates far surpassed those of big banks, earning an 87 out of 100 score—the highest ever of any industry.
Given that information, we were a little surprised by a new RateWatch study that claims big banks are beating credit unions in customer service.
It’s important to note, however, how the study was conducted.
Most of the findings were based on first impressions and the banks’ abilities to woo customers into signing up for an account with the bank.
For example, the mystery shoppers said they were immediately greeted by a customer service rep in a large bank 76 per cent of the time, compared to the 53 per cent at credit unions.
In that same vein, nearly two-thirds said they were enthusiastically greeted in big banks. Only 37 per cent of the people who visited credit unions felt this way.
The study also evaluated the personalities of the customer service reps, the ability of the reps to determine the kind of accounts the customer wants or needs, and access to easy parking. Big banks won for all.
Despite the positive reviews, fantastic first impressions probably don’t make up for some of the outrageous fees and other issues customers say they experience with big banks in the long run.